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Making headlines in this country over the past few days has been a scandal involving
a multi-millionaire property developer. Korean prosecutors, earlier this week, overturned
a controversial landmark ruling that allowed a convicted property mogul to pay off a multi-million
dollar fine with 49 days of prison labor. Seoul's Supreme Court sparked outrage in 2011
when it ruled that former Daeju group head Huh Jae-ho was given the jail work option
over paying roughly 23 million U.S. dollars in fines following a conviction for embezzlement
and tax evasion. For a closer look into what makes this case
so controversial and the significance it carries, we're joined live in the studio by Dr. Kim
Byoung-joo, the head of KL&P Consulting and our regular commentator on this program.
The former chairman of Daeju Group - he was facing fines of 25 billion won, or roughly
23 million dollars. To pay it off, he was given 49 days of prison labor as a janitor.
Break down these numbers for us so we can better understand this controversy.
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How could the Korean judicial system come up with this outrageous ruling?
Yesterday, the Public Prosecutors Office announced that they were going to do something about
this case. The National Tax Service seems
to have joined them. But, what can they say or do about the case now that the judicial process is closed?
How
should we
put
this whole controversy into context? What does
this mean
for all
of us?